In a market system, relative scarcities of resources are indicated by
A) supply and demand being out of equilibrium.
B) surpluses.
C) excess demand and excess supply.
D) relative market prices.
Answer: D
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Competition would probably be abolished if society could find a way to abolish
A) inequality. B) scarcity. C) money. D) economists.
The saving-investment analysis for large open economies is somewhat more complicated than the analysis for small open economies mainly because ________
A) there is more information to keep track of for larger economies B) there are more unknowns in larger economies C) a larger economy may actually affect the world economy D) all of the above E) none of the above
The budget deficit or surplus in any given year, adjusted for what it would have been if the economy were producing at potential GDP, is called
a. an automatic stabilizer. b. a discretionary fiscal policy. c. a standardized employment budget. d. a countercyclical employment budget.
Which adjustment(s) must be made to convert net domestic product to GDP?
i. add indirect taxes ii. subtract subsidies iii. add depreciation A) i, ii and iii B) i and ii C) iii only D) i and iii only E) ii only